Group 1 - The company held its 11th meeting of the 3rd Board of Directors on September 17, 2025, via communication, with all 9 directors present [2][4] - The Board approved the proposal to change part of the fundraising investment project and to pay registered capital to a subsidiary for project implementation [3][22] - The proposal will be submitted to the company's third extraordinary general meeting of shareholders for approval [6][22] Group 2 - The Supervisory Board also held its 9th meeting on September 17, 2025, with all 5 supervisors present, and approved the same proposal [12][14] - The company plans to change the investment project from the original Lishui City Hangli Thermal Power Project to the new Hubei Xiaochi Binjiang New District Combined Heat and Power Project [18][25] - The amount of funds to be redirected is approximately 67.07 million yuan, which will be used for the new project [18][21] Group 3 - The new project is expected to have a construction period of 18 months and will gradually generate revenue upon completion [19][31] - The total investment for the new project is estimated at around 670 million yuan, with the company contributing 67.07 million yuan from the redirected funds [21][26] - The project aligns with national and local industrial policies and is expected to support local economic development [27][28] Group 4 - The company has obtained necessary approvals for the new project, including environmental impact assessments and construction permits [38] - The project is anticipated to create job opportunities and contribute positively to the local economy [28][30] - The internal rate of return after tax for the project is projected to be 7.13%, with a payback period of 11.9 years [31]

Group 1 - The stock price of Hengsheng Energy closed at 17.32 yuan on August 19, down 0.24 yuan or 1.37% from the previous trading day [1] - The opening price on August 19 was 17.50 yuan, with a high of 17.60 yuan and a low of 17.07 yuan, and the trading volume was 73,366 hands with a transaction amount of 126 million yuan [1] - Hengsheng Energy operates in the power industry, focusing on investment, construction, and operation management of cogeneration projects, and is involved in green power and hydrogen energy sectors [1] Group 2 - On August 19, Hengsheng Energy experienced a rapid decline, with a drop of over 2% within five minutes at 9:35 AM, reaching a low of 17.17 yuan and a transaction amount of 14.384 million yuan [1] - In terms of capital flow, on August 19, the net outflow of main funds was 11.9373 million yuan, accounting for 0.25% of the circulating market value, while the cumulative net inflow over the past five trading days was 4.2664 million yuan, representing 0.09% of the circulating market value [1]

Group 1 - The stock price of Hengsheng Energy experienced significant volatility on August 12, reaching a high of 18.29 yuan and a low of 16.25 yuan, with an amplitude of 11.30% [1] - By the end of the trading day, the stock closed at 17.39 yuan, down 3.66% from the previous trading day, with a trading volume of 168,000 hands and a transaction amount of 290 million yuan [1] - Hengsheng Energy operates in the power industry, focusing on investment, construction, and operation management of cogeneration projects, and is involved in green power and hydrogen energy sectors [1] Group 2 - On August 12, the stock price of Hengsheng Energy saw a rapid decline of over 2% within five minutes around 9:35 AM, followed by a quick rebound of over 2% around 11:04 AM [1] - In terms of capital flow, on August 12, the net inflow of main funds was 13.6564 million yuan, accounting for 0.28% of the circulating market value, with a cumulative net inflow of 56.7477 million yuan over the past five trading days, representing 1.17% of the circulating market value [1]

Core Viewpoint - The company plans to acquire 100% equity of Nan Taihu Power Technology Co., Ltd. for 1.457 billion yuan, enhancing its thermal power generation capacity and profitability in the cogeneration sector [1][2]. Group 1: Acquisition Details - The company intends to self-finance 1.457 billion yuan to acquire the entire stake in Nan Taihu Power Technology, a mature enterprise in the cogeneration field in Zhejiang Province [1][2]. - After the acquisition, Nan Taihu Power Technology will be the seventh cogeneration company included in the company's consolidated financial statements, adding 480 tons/hour of heat generation capacity and 48 MW of installed capacity [1][2]. Group 2: Financial Performance - Nan Taihu Power Technology is projected to achieve 562 million yuan in revenue and 131 million yuan in net profit for the year 2024 [2]. - The company has a total annual heat supply capacity of 19.629 million tons, with stable downstream customers primarily located in industrial parks in Zhejiang Province [2]. Group 3: Dividend Policy - The company commits to a minimum dividend payout ratio of 40% for the years 2024-2026, with a historical average dividend payment of 1.172 billion yuan over the past three years [3]. - Assuming the acquisition is consolidated in Q4 of this year, the estimated net profit for the company will exceed 900 million yuan in 2025, leading to an increase in the dividend yield from 4.92% to 5.01% [3]. Group 4: Profit Forecast and Investment Rating - The company expects to enhance its profit forecasts for 2025-2027 to 940 million, 1.058 billion, and 1.113 billion yuan, respectively, following the acquisition [4]. - The current price-to-earnings ratio (PE) for 2025 is projected at 8 times, compared to an industry average of 12 times, leading to an upgrade in the investment rating from "hold" to "buy" [4].

Group 1: Financial Performance - The company's net profit attributable to shareholders in Q1 2025 increased significantly due to a decrease in raw material prices and increased demand from downstream thermal users, resulting in a higher gross margin [1] - As of now, the company has received demolition compensation of CNY 2,091.415 million, with CNY 36.3145 million received in Q1 2025 and CNY 30.6893 million received by its wholly-owned subsidiary [1] - There remains CNY 171.7741 million in demolition compensation yet to be received, including CNY 151.3145 million for the parent company and CNY 20.4596 million for the subsidiary [1] Group 2: Business Operations - All new cogeneration projects have been put into operation, with two ongoing expansion projects expected to increase installed capacity by 43 MW and boiler evaporation by 360 tons/hour [2] - The revenue from the company's non-ferrous metal resource utilization business nearly doubled in 2024, reaching CNY 2.098 billion, a year-on-year increase of 90.48% [2] - The subsidiary Zhejiang Fuchunjiang Environmental Technology Research Co., Ltd. reported losses due to various factors affecting the demand for monitoring services [2] Group 3: Dividend Policy - The dividend plan for 2024 was set at CNY 1.50 per 10 shares, totaling CNY 130 million, which accounts for 54% of the net profit attributable to shareholders for the year [2] - The company emphasizes a reasonable and stable shareholder return strategy while ensuring healthy development [2]